JLL Capital Markets arranged the sale of an infill 536K SF industrial complex to LaSalle
PHOENIX, (Jan. 8, 2025) – JLL Capital Markets announced today the sale of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona.
JLL represented the seller, a global investment manager and BKM, in the sale to LaSalle Investment Management (LaSalle).
The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian.
Located at 7340-7360 S. Kyrene Rd. and 7333-7343 S. Hardy Dr., Tempe Commerce Park benefits from its position in one of Metro Phoenix's most sought-after submarkets. The location offers excellent accessibility, being just one mile from the I-10 freeway and 2.6 miles from US-60, providing convenient access to the greater Phoenix Metro area. Additionally, the Tempe submarket makes it a prime location for industrial tenants looking for proximity to major transportation routes and a robust labor pool supported by Arizona State University's large student population.
JLL Capital Markets team was led by Senior Managing Director Mark Detmer, Senior Director Greer Oliver and Associate Connor Nebeker-Hay. The local market leasing efforts were handled by CBRE's Senior Vice President Jackie Orcutt and First Vice President Jonathan Teeter.
"Tempe Commerce Park represents a unique opportunity in one of Phoenix's most dynamic submarkets," said Detmer. "With its strategic location, diverse tenant mix and recent improvements, this property is well-positioned to capitalize on the robust industrial demand in the region. The investment by LaSalle underscores the continued strength and appeal of the Phoenix industrial market."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.